Fanfare Unnecessary for June’s Numbers, Analyst Argues

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July 28, 2015

Are home prices again breaking records? “Not really,” The Wall Street Journal real estate reporter Nick Timiraos writes.

“The National Association of Realtors‘ monthly home sales report made a big splash last week with news that median home prices in June had broken the record set in 2006 at the peak of the housing bubble, reaching a nominal high of $236,400,” he adds.

Without adjusting for inflation, the number isn’t a good gauge for comparing prices over time. Moreover, median prices skew the mix of what’s selling when used as a barometer.

“In 2009, for example, median prices plunged in part because an unusually large share of homes were selling out of foreclosure,” Timiraos explains.

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